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HomeBusinessNigeria announces May 2024 execution date for $3.8 bln Brass methanol project...

Nigeria announces May 2024 execution date for $3.8 bln Brass methanol project agreement

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In a significant development for Nigeria’s industrial landscape, the Federal Government has declared that the Gas Supply and Purchase Agreement (GSPA) crucial for advancing the $3.8 billion Brass methanol project is slated for execution in May 2024.

This groundbreaking project, situated in Bayelsa State and spearheaded by Brass Fertiliser & Petrochemical Company Limited, is set to revolutionize Nigeria’s methanol production, a vital industrial chemical presently imported entirely.

Located in Brass Island, Bayelsa, the project is on track to possess a capacity of 10,000 tonnes of methanol per day upon completion, with construction currently underway and anticipated operationalization later this year.

The endeavor, anticipated to generate up to 15,000 employment opportunities during construction, aligns with Nigeria’s ambition to bolster its economy by diminishing reliance on imports.

This landmark initiative is a collaborative effort between DSV Engineering Limited, the Nigerian National Petroleum Company Limited, and the Nigerian Content Development & Monitoring Board.

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The announcement of the execution date for the gas supply agreement was made by the Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, in Abuja following a pivotal meeting with key stakeholders of the project.

Ekpo underscored President Bola Tinubu’s unwavering commitment to resolving gas supply-related issues impeding the Brass methanol project.

Emphasizing the President’s fervent desire to expedite the project’s commencement to attract Foreign Direct Investment and bolster the nation’s economic prospects, Ekpo affirmed that all necessary steps were being taken to ensure the project’s swift realization.

In attendance at the crucial meeting were prominent figures including representatives from NNPC Upstream Investment Management Services, Nigerian Agip Oil Company, Shell Petroleum Development Company Nigeria, and Brass Fertiliser and Petrochemical Ltd.

Following successful deliberations, Ekpo assured stakeholders that the NNPC/SPDC Joint Venture partners are fully committed to ensuring uninterrupted gas supply for the Brass methanol project’s development.

The minister’s announcement signified a pivotal step forward in realizing Nigeria’s ambitions for industrial growth and self-sufficiency in critical sectors.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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